The flag has dropped on the 2021 motorcycle year and the contenders are already in a race to win their share of the market. New models have been released by several motorbike manufacturers and many of the rest are ready to launch. It's set to be a massive year as the industry races to make up for a lot of lost time in 2020 due to the effects of coronavirus. Especially the effects felt strongly throughout Europe where many motorcycle manufacturers are based.
Are you keeping up with the pace? Made your plans to get that new motorbike this year? Checking out the new models? Just thinking about it doesn’t actually make it happen, you do need to do something. So what’s holding you back from making that motorbike purchase?
If you’re worried about being embarrassed by not being across motorcycle loans or you’re worried you’ll embarrass yourself by not being eligible for a loan – just forget all that. Jade Bike Loans is totally non-judgemental with our customers. We don’t expect everyone to know everything about the lending scene, that’s why we exist. Engaging Jade as your lender is a great way to go if you do hold any fears, doubts or worries or even if you know exactly what you want.
If not knowing what’s involved is holding you back, we’re providing this simple explainer boosted with our expert tips and hints. Info designed to bring you up to speed and put you in the right gear, or at least the right knowledge space, to get you to the starting grid with your motorbike loan.
The Basics
Let’s start with some basic info about motorbike loans. You have to be over 18 years of age to take out a consumer loan. That’s a legal provision and is the same for all banks and finance companies, not just Jade. If you’re under 18 and want to buy your own bike, you can consider asking someone to go guarantor for you.
You don’t have to have a motorcycle licence in order to be eligible for a motorcycle loan. We provide loans for learners and for LAMS bikes. Speaking of types of bikes, we provide loans for pretty much all types of motorcycles – adventure, touring, cruisers, trail, off-road, etc for all major motorcycle brands.
Motorbike loans are available through banks and finance companies. Not all might offer a specific bike loan category and may offer a more general personal loan.
You have the choice of DIY – applying to the bank/lender yourself, or using a broker-style lender like Jade Bike Loans to handle the entire loan process for you. Now that’s a no brainer. It saves you time and provides the benefit of being able to source loan offers from multiple lenders to get the cheapest without that ‘get a heap of quotes to compare’ process impacting your credit profile.
The most commonly used type of loan for motorcycle purchases is the Secured Bike Loan. This suits most bikies and most borrowers. The format follows a widely accepted structure in that the motorbike is used as the collateral or security for the loan and borrower repays the lender in equal monthly payments over the fixed term of the loan.
For the Advanced
Basics covered, we’ll get into some of those more in-depth questions that may be lingering in your mind.
- What will the interest rate be? We have prepared a motorbike loan interest rate comparison chart so you can easily see the rates being offered by a number of lenders. Our Jade interest rate is shown and that is based on a good credit profile and other criteria. Meet the loan criteria and that could be the rate for your bike loan. At least you can use our lender comparison chart as a guide.
- What will my loan repayments be? Head to either our lender comparison calculator or our bike loan calculator and find out. We’ve provided these resources so customers can receive an immediate rough estimate on repayments. Just input data about your loan and you’ll see the rough estimate. Great way to compare different priced makes and models when you’re unsure if you can afford to step up a grade.
- What do I need for the application? Your Jade consultant will give you all the specifics but to get started you’ll need: ID; proof of employment and employment history; income verification so get those payslips ready; details of your residential situation – own/rent etc; details of your ongoing weekly/monthly expenses so start jotting them down; details of other assets, that is things you may own such as another bike, a car, boat or other property; and specifics of loans and other debts you have including credit cards. And of course information about the motorbike you are planning to buy or have already committed to.
- How does the loan process work? We make it very easy. You can apply over the phone or use our online application form. Your Jade consultant will source you a loan quote and if you accept that, we process your application, assist you with the paperwork and even sort out a settlement with the motorcycle dealer.
For more Q&A content, head to our FAQs sections where we’ve addressed a whole heap of questions around motorcycle loans and review our other articles.
From here, it can be a sprint lap to the finish.
Select your bike and give us a call and you’ll be on your way. We even offer pre-approved loans so you can be sorted before committing.
Now, keep an eye on our articles for news of more 2021 model releases.
For more information or to request a motorcycle loan quote, just contact Jade Bike Loans at 1300 000 003
DISCLAIMER: THE INFORMATION PRESENTED IN THIS ARTICLE IS NOT INTENDED AS THE SOLE BASIS FOR INDIVIDUALS TO MAKE FINANCIAL DECISIONS. THOSE THAT REQUIRE ADVICE OR GUIDANCE IN REGARD TO THEIR FINANCIAL DECISIONS SHOULD CONSULT WITH AN ACCOUNTANT OR FINANCIAL ADVISOR. THE INFORMATION AS DETAILED IS BASED ON DATA, SPECS AND REFERENCES AS SOURCED FROM A RANGE OF SOURCES AND LIABILITY IS NOT ACCEPTED FOR MISINTERPRETATIONS, MISREPRESENTATIONS OR ANY ERRORS IN THE CONTENT. THIS ARTICLE IS FOR GENERAL INFORMATIVE PURPOSES ONLY.
